The SEC says Cay Clubs Resorts and Marinas took money from nearly 1,400 investors, touting the profitability of purchasing units at resorts in Florida and Las Vegas. Instead of developing the properties, the SEC says the executives used new investments to pay earlier investors. They also reportedly paid themselves salaries and commissions totaling more than $30 million.

The complaint seeks financial penalties from Clark, Coleman and Stokes and the return of ill-gotten gains from all five executives.